Look at it in a biological sense (it reminds me of a predator-prey relationship!):
Spam comes along and finds a naive environment, perfect for it to make money in, so grows exponentially
Becomes so big its a problem - people start to develop anti spam software, and become wise to the emails that do get through, so amount of spam levels off.
Unfortunately, it will never be eradicated, because that will lead to increasing gullibility of the population, so the level of spam will increase again. The best we can hope for is setting conditions, such as superb junk/spam filters, so the level of spam gradually reduces to a very small amount, with no profit to anyone who does it. At the moment I fear spammers still probably do make money - they can send millions of emails a week, and less than a dozen or so conversions would pay for this.
Say it costs me $40 to send 1 million emails, and my product sells at $5 - I need to get a conversion rate of just 0.000008% to break even - and this is taking what I would think to be a pretty expensive rate for sending emails! Admittedly you have the costs of spam software/buying email addresses, but this is only a one time expenditure - once you have these you might as well go on using them.
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